Markets in Details: 05 December 2018

5 December, 2018

News

  • The UK government suffered major procedural setbacks on Tuesday, including being held in contempt of parliament for failing to disclose the Brexit legal advice in full. 
  • Saudi Energy Minister dialed back on his earlier remark a month ago on curtailing output stating no “deal has been formalized” and that it is premature to assume OPEC will agree to a cut.

The focus of attention

  • Brexit progress in the House of Commons will be closely watched today after the significant setbacks the UK government received on Tuesday.

Expected events

  • 01:45 GMT China will release the Caixin Manufacturing PMI.
  • 8:50 GMT France will release the November Services PMI.
  • 8:55 GMT Germany will release the November Services PMI.
  • 9:30 GMT UK will release the November Services PMI.
  • 10:00 GMT EU will release the October Retail Sales.
  • 14:45 GMT U.S. will release the November Services PMI.

Technical Analysis 

  • GBP USD traders are in a risk-off mode since October. The pair is challenging the 1.2697 support level on Wednesday and the ten-minute view suggests the support would probably hold intraday. Expect sideways trading until presence of a stronger bullish or bearish direction materializes.
  • Dow Jones Dow sustained a long red candle yesterday causing the 25105 breakout zone to fail. Whilst the ten-minute view suggests consolidation, further bearishness can be expected intraday on Wednesday.
  • EUR USD remains in a downtrend after a failed breakout attempt on Tuesday. The key support level to watch near-term is at 1.1306. Expect weakness on Wednesday and especially if this support level fails.


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